ME Online Savings Account
Earn a highly-competitive interest rate of up to 1.2% p.a. on your hard-earned savings.
This online savings account offers a competitive rate of bonus interest each month you meet the account conditions. To be eligible for the bonus interest rate all you need to do is link your ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month. These purchases must be processed within the month (they can't be pending). There's no monthly deposit conditions to meet.
Ongoing, variable interest rate of 1.2% p.a. when you link with a ME Everyday account and have at least four tap & go purchases processed per month.
The bonus interest is payable up to amounts of $250,000 in your ME Online Savings Account. To be eligible for the bonus interest rate you need to link your ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month. These purchases must be settled within the month, and cannot be pending.
NOTE: Purchases made in the month which aren't processed until the following month (for reasons beyond ME's control) are not eligible purchases for bonus interest.
Base interest rate of 0.05% p.a.
Regardless of your savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 0.05% p.a. applied to it monthly. This means you'll still earn interest even if you don't meet the purchase condition.
Open multiple ME Online Savings Accounts for different savings goals
You can open as many ME Online Savings Accounts as you'd like. You'll earn the bonus interest on all your Online Savings Accounts provided you meet the bonus rate conditions for each one. This means you'll need to link each ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month from each linked transaction account.
How is my interest calculated?
Interest on your balance will be calculated each day and paid into your account once a month. The bonus interest is only payable up to amounts of $250,000.
What if I've opened the savings account mid-month? Do I still get the bonus interest?
If you make four purchases using tap & go with your Debit Mastercard by the end of the month, you'll still be eligible for the bonus interest that month. Remember, the purchases need to be settled and not pending.
Are contactless payments actually safe?
Yes, contactless payments are considered safe and the functionality is now rolled out on all newly issued cards. For every tap & go transaction you make, your debit card generates a unique code that prevents you from being charged twice.
If your card is lost or stolen and you report it right away, you are eligible for the Mastercard or Visa Zero Liability Guarantee which means you won't be held responsible for any unauthorised transactions.
What kind of things can I purchase with tap & go?
You can make contactless payments at most EFTPOS terminals, for example in cafes, restaurants, shops, petrol stations, grocery stores etc.
How long does the bonus rate last for?
The bonus rate is currently ongoing, so you'll earn the bonus interest every month assuming you meet the conditions.
$0 Account management fees
There are $0 monthly fees charged to your account with the ME online savings account. The linked ME Everyday Transaction also doesn't charge any ATM fees or monthly fees.
$0 Transaction fees
ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.
24/7 Online accessibility
Your account information is available around the clock, allowing you to transfer money whenever you have need to.
$0 Minimum deposit
You do not need to make an initial deposit to open your savings account and there are no monthly minimum deposit requirements.
Easily make deposits from your nominated account with online banking. You are also permitted to make deposits from other accounts that are not directly linked to your savings account.
You are allowed unlimited withdrawals with this account by transferring the money into the transaction account you have linked to it.
Is ME owned by one of the big four? How can it offer such good rates?
ME is not owned by any bank, instead it is 100% owned by industry super funds. Instead of returning its profits back to shareholders, profits go back to its members who are the account holders.
Does ME have any branches?
ME is an online bank and doesn't have any branches. If you'd like to make a cash deposit into your account, you can do so via your local Bank@Post outlet. If you would like to speak to a member of its customer service team, the service centre is open Mon - Fri 8am to 8pm and Saturday 9am to 5pm.
How to apply
If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Online Savings Account by clicking 'go to site'.
Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:
- Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.
- Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.
- Account use. This savings account is intended for personal use only. If you are interested in a savings account for a business, company or trust, look into ME Bank's business products and services.
- Identifying documents. Identifying documents include your Australian driver's licence, passport, birth certificate or Medicare card. You will need information from at least two of these in order for ME to verify your identity electronically.
- Nominated bank account. In order to be able to add to your savings account and make withdrawals, you will need to provide the account information for an everyday account.
- Personal details. You will be asked to provide your full name, date of birth and physical address in order for your application to be processed.
What happens after I submit my application?
Once ME has verified your identity, they will open your savings account. Once open, you can begin making deposits or set up direct deposits to your savings account from another bank account.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This savings account makes it really easy to earn the bonus interest. You’ll get the 1.2% bonus rate when you link the account to a ME Everyday Transaction account and make four tap & go purchases a month with your ME debit mastercard.
While this rate is quite competitive, you can get a higher rate if you opt for a different account. However you'll likely need to commit to a monthly deposit requirement and might also be restricted from making withdrawals, so keep this in mind when comparing your options.
These four purchases can be of any value, so it could be as easy as buying four coffees in the month. These purchases must be settled not pending by the last day of the month, so make sure you’ve made these purchases with a few days to spare in the month. Just make sure you’re not making unnecessary purchases for the sake of meeting the bonus interest.